A lot of us would love to have our own home at some point in our lives. Once we get to that point, however, we quickly come to understand that it’s not all it was cracked up to be and that there are serious expenses to take into consideration. Once you start receiving your first property tax statements, this will all become clear to you.

Do you know how your city compares in terms of property tax values? You may have some concerns that you are paying taxes that are much higher than those of others, in which case you could perhaps get a reduction. All of this information will be listed on your property tax statement, but that is quite a confusing document. It has complex terms and rates on it, which can all feel quite overwhelming. Yet it is actually quite simple. You need to know your city’s tax rate and assessment ratio, and the value of your property.